Companies

Rane Madras net rises to ₹6.4 cr in Q2

Our Bureau Chennai | Updated on October 21, 2020

L Ganesh, Chairman, Rane Group   -  Bijoy Ghosh

Auto parts firm Rane Madras has reported a significant increase in its net profit at ₹6.4 crore for the quarter ended September 30, when compared with ₹2.7 crore in the year-ago period, supported by recovery in demand in the auto segment.

Total revenue for the September 2020 quarter stood at ₹285.7 crore compared with ₹282.4 crore in the Q2 FY20. EBITDA grew 21 per cent at ₹29.3 crore (₹24.2 crore), while EBITDA margin saw an increase of 168 basis points (bps) at 10.2 per cent for Q2 FY21 (8.6 per cent), according to a statement.

On a consolidated basis, the company reported a net loss of ₹10 crore for Q2FY21 compared with a loss of ₹10.8 crore in the year-ago quarter. Total revenue stood at ₹322.1 crore (₹331.2 crore).

“Aided by strong operational performance by the plants we were able to effectively handle the production ramp up despite the supply chain and labour availability challenges. Strong cost control measures helped in margin improvement. We remain cautiously optimistic about sustenance of the demand post festival season,” said L Ganesh, Chairman, Rane Group.

Published on October 21, 2020

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